{"id":3490,"date":"2024-07-01T15:48:15","date_gmt":"2024-07-01T14:48:15","guid":{"rendered":"https:\/\/rethinkq.adp.com\/?p=3490"},"modified":"2024-09-03T10:03:13","modified_gmt":"2024-09-03T09:03:13","slug":"payroll-during-hyperinflation","status":"publish","type":"post","link":"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/","title":{"rendered":"Payroll during hyperinflation"},"content":{"rendered":"\n<header class=\"entry-header bg-adp-tan block--article-header alignfull block--article-header\" >\n\n  \n\n<figure class=\"wp-block-image size-full entry--image\"><img decoding=\"async\" width=\"1920\" height=\"1282\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J.jpg\" alt=\"\" class=\"wp-image-3491\" srcset=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J.jpg 1920w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J-300x200.jpg 300w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J-1024x684.jpg 1024w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J-768x513.jpg 768w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J-50x33.jpg 50w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J-1600x1068.jpg 1600w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J-1536x1026.jpg 1536w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J-375x250.jpg 375w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><figcaption class=\"wp-element-caption\">500 Argentine pesos are currently worth about 56 cents.<\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group entry--title-wrapper\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><div class=\"entry--social-share\">\n  <ul>\n    <li><a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/&#038;t=Payroll during hyperinflation\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/facebook.svg\" alt=\"Facebook logo - click to share this article on Facebook\"><\/a><\/li>\n    <li><a href=\"http:\/\/twitter.com\/share?text=Payroll during hyperinflation&#038;url=https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/twitter.svg\" alt=\"Twitter logo - click to share this article on Twitter\"><\/a><\/li>\n    <li><a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https%3A%2F%2Frethinkq.adp.com%2Fpayroll-during-hyperinflation%2F\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/linkedin.svg\" alt=\"LinkedIn logo - click to share this article on Facebook\"><\/a><\/li>\n  <\/ul>\n<\/div>\n\n            <a class=\"entry--tag tag-style\" href=\"https:\/\/rethinkq.adp.com\/time-for-universal-basic-income\/\">Features<\/a>\n\n        \n  <h1 class=\"entry-title\">Payroll during hyperinflation<\/h1>\n\n\n<p class=\"is-style-summary-style\">When a country\u2019s economy is in crisis, how can payroll keep up? Argentina offers a case study in how crucial payroll is during periods of high inflation.<\/p>\n<\/div><\/div>\n\n\n  <div class=\"entry--meta content-width\">\n           <p class=\"authors\">By\n                        <a href=\"https:\/\/rethinkq.adp.com\/author\/luisa-rollenhagen\/\">Luisa Rollenhagen<\/a>\n\n             \n         \n     <\/p>\n    \n  \n  <p>1 July 2024  <span class=\"desktop-only\">\u2014<\/span> <a href=\"https:\/\/rethinkq.adp.com\/issue-12-resilience\/\">Issue 12: Resilience<\/a> \n  <\/div><!-- .entry-meta -->\n\n<\/header><!-- .entry-header -->\n\t<div class=\"entry-content content-width\">\n\n\n\n<p>Germany in 1923, Hungary in 1946, Zimbabwe in 2008, Venezuela since 2016 \u2014 recent history offers plenty of examples of hyperinflation. Hyperinflation is defined as a monthly inflation rate of more than 50%, or sudden, rapid price increases on a month-to-month basis.&nbsp;<\/p>\n\n\n\n<p>Currently, one country in particular is dealing with out-of-control inflation: Argentina, where the inflation rate reached 211.4% in 2023.&nbsp;<\/p>\n\n\n\n<p>Argentinians are no strangers to inflation. When the government tied the peso\u2019s value to the U.S. dollar in the late 1990s, it was an attempt to combat hyperinflation that had reached 3,000% in 1989.<\/p>\n\n\n\n<p>This quick fix paved the way for disaster later on, when in 2001, the country erupted into chaos after dollarization decimated government coffers, sent debt spiraling and led to a huge cash drainage that kept average Argentinians from accessing their money.&nbsp;<\/p>\n\n\n\n<p>One of inflation\u2019s most insidious consequences is the crippling effect it has on plans for the future. What is true for now \u2014 whether that be a product\u2019s price, the real value of your currency or your purchasing power in the global market \u2014 could be very different in the next weeks and months, not to mention years. Given this kind of environment, how can businesses survive, let alone thrive?<\/p>\n\n\n\n<p>And in countries experiencing hyperinflation, how do payroll departments keep up? We spoke with an expert to find out how companies prepare for potential hyperinflation and manage volatile economic environments.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A challenging business environment<\/h2>\n\n\n\n<p>Claudio Maggieri, Senior Vice President and General Manager for ADP Latin America, often hears questions like this from clients who are either already established in Argentina or are considering entering the country. While Argentina\u2019s monthly inflation rate seems to be cooling off a bit \u2014 the official rate for March 2024 was 11% \u2014 the accumulated rate since December 2023 still <a href=\"https:\/\/www.indec.gob.ar\/uploads\/informesdeprensa\/ipc_04_24D278E3E48E.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">surpassed 50%<\/a>. The South American country also suffered rapid increases in monthly inflation rates, as could be observed at the end of 2023 when inflation jumped from 12.8% in November to 25.5% in December.<\/p>\n\n\n\n<figure class=\"wp-block-embed alignwide is-type-wp-embed is-provider-flourish wp-block-embed-flourish\"><div class=\"wp-block-embed__wrapper\">\n<iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" title=\"Interactive or visual content\" src=\"https:\/\/flo.uri.sh\/visualisation\/17958880\/embed#?secret=PaO0sHekng\" data-secret=\"PaO0sHekng\" frameborder=\"0\" scrolling=\"no\" height=\"575\" width=\"640\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Ongoing currency fluctuations in Argentina create an unstable business environment. One of the byproducts of the country\u2019s high inflation is a constantly changing exchange rate, in which the Argentinian peso\u2019s value can depreciate very quickly. Efforts to establish a \u201cfixed\u201d or \u201cofficial\u201d exchange rate gave way to a so-called parallel dollar, also called the \u201cd\u00f3lar blue,\u201d in which pesos were exchanged on the black market at a more favorable rate.<\/p>\n\n\n\n<p>\u201cSo this mismatching creates a lot of impact on businesses,\u201d Maggieri says. Because Argentina\u2019s currency fluctuates so wildly within short time spans, creating reliable forecasts becomes a fool\u2019s errand. Maggieri says his team has resorted to instituting a \u201cflat rate\u201d currency rate for each business year.&nbsp;<\/p>\n\n\n\n<p>\u201cWe plan our business performance for each calendar year. For that year, we try to set a flat rate for the local peso value, just to mitigate the impact these fluctuations have on management evaluations,\u201d he says. \u201cBut of course, after the year is over, we have to restate everything based on the new currency rate. Whenever we have big fluctuations compared to the exchange rate we are using, we have lots of variances to explain.\u201d<\/p>\n\n\n\n<p>For businesses, this means a lot of additional manual work and retroactive corrections. Cost projections also become increasingly difficult. \u201cIt\u2019s hard to accurately project future expenses, including payroll costs,\u201d Maggieri explains. \u201cWhenever we do a forecast \u2014 and we do forecasts on a quarterly basis \u2014 what would be our assumption for the next quarter?\u201d&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Managing salaries in volatile times<\/h2>\n\n\n\n<p>Then there\u2019s the issue of managing employee salaries during economically volatile times. \u201cHyperinflation rapidly erodes the value of a currency,\u201d Maggieri says. \u201cSo people in Argentina get their salary and immediately run to the supermarket to buy their groceries, because the prices can change even day by day. This greatly erodes purchasing power.\u201d Because of this, frequent salary adjustments are the norm in countries like Argentina, at least among companies that can afford it.<\/p>\n\n\n\n<p>\u201cThis is very hard to administer from a business perspective,\u201d Maggieri says. \u201cA lot of what constitutes a fair salary depends on the industry, the company and the policies.\u201d<\/p>\n\n\n\n<p>Additionally, constant salary adjustments that match inflation are just not sustainable in the long term for some businesses, especially in a country where the minimum wage is just over $200 a month. \u201cThis is the reason so many companies are relying on benefits beyond salaries, such as meal vouchers, transportation vouchers, and housing allowances,\u201d he says.<\/p>\n\n\n\n<p>Supplementing a fixed salary can also help balance the scales a bit: \u201cSo instead of trying to manage the fixed salary, businesses try to put more emphasis on variable pay components, such as bonuses, commissions, and other payments based on performance metrics.\u201d<\/p>\n\n\n\n<p>Another strategy that\u2019s popular in Argentina is to pay a part of an employee\u2019s salary in a stable currency, such as the U.S. dollar. \u201cThose who can are even paying the entire salary in U.S. dollars,\u201d he says. Of course, this can make things even more complicated from a payroll perspective. \u201cIf you decided to pay in another currency, it\u2019s like you\u2019re having two separate payrolls to administer, from a tax perspective.\u201d Payroll professionals need to recalculate the amounts paid in a foreign currency and convert them to pesos, which isn\u2019t simple when you\u2019ve got an unruly exchange rate.&nbsp;<\/p>\n\n\n\n<p>Both of these strategies present significant challenges for payroll teams. \u201cChanges in compensation structure is something very complex because, at the end of the day, you need to rebalance the components of your total compensation, such as fixed salary versus variable components,\u201d Maggieri says. And all of this makes cost projections for things like HR and payroll even trickier.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"681\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/rob-Mk1RW1AfxAw-unsplash-1024x681.jpg\" alt=\"\" class=\"wp-image-3492\" srcset=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/rob-Mk1RW1AfxAw-unsplash-1024x681.jpg 1024w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/rob-Mk1RW1AfxAw-unsplash-300x200.jpg 300w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/rob-Mk1RW1AfxAw-unsplash-768x511.jpg 768w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/rob-Mk1RW1AfxAw-unsplash-50x33.jpg 50w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/rob-Mk1RW1AfxAw-unsplash-1600x1064.jpg 1600w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/rob-Mk1RW1AfxAw-unsplash-1536x1021.jpg 1536w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/rob-Mk1RW1AfxAw-unsplash-2048x1362.jpg 2048w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/rob-Mk1RW1AfxAw-unsplash-375x250.jpg 375w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">A $1 billion bill from Zimbabwe\u2019s period of hyperinflation. <a href=\"https:\/\/unsplash.com\/photos\/a-one-billion-dollar-bill-with-the-words-one-billion-dollars-printed-on-it-Mk1RW1AfxAw?utm_content=creditCopyText&amp;utm_medium=referral&amp;utm_source=unsplash\" target=\"_blank\" rel=\"noreferrer noopener\">Unsplash<\/a><br><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Strategies for developing resilience<\/h2>\n\n\n\n<p>Inflation also leads to a volatile labor market, Maggieri says. Employees look around to find companies that will offer them the best package of salaries and benefits in order to weather the rising prices, often leading to high turnover rates among businesses.&nbsp;<\/p>\n\n\n\n<p>\u201cWhen it comes to talent retention, it\u2019s really important to establish some mechanisms to bolster the competitiveness of the total compensation you are offering,\u201d he says. It\u2019s important to take a close look at the trends in your sector: Industries where labor unions are strong may be more flexible when it comes to salary adjustments, for example, while other sectors may be more open to additional benefits such as more comprehensive health benefits or transportation vouchers.<\/p>\n\n\n\n<p>Regularly reviewing the competitiveness of your compensation is also key. \u201cIn a more stable economy, we do salary surveys to review the competitiveness of our compensation on a yearly basis, or maybe even every other year. In Argentina, we do this on a weekly basis,\u201d he says.<\/p>\n\n\n\n<p>Despite these challenges, Maggieri believes that, with the right strategy and company profile, certain businesses can still flourish in high-inflation environments.&nbsp;<\/p>\n\n\n\n<p>\u201cIf you\u2019re in a business where you can\u2019t change your prices too much to offset the cost of salary adjustments, then [regions with high inflation] are not the place for you,\u201d he says. Usually, businesses that work in sectors where there are many competitors have a hard time raising their prices, even in the best of conditions. Areas such as construction or furniture dealers struggle to stay profitable during periods of high inflation.<\/p>\n\n\n\n<p>Sectors such as healthcare, real estate or information technologies might have an easier time navigating these periods. And for those businesses, entering a market like Argentina can be worth it, despite the economic challenges. \u201cArgentina is a huge market,\u201d Maggieri says. \u201cIt\u2019s the third-largest economy in Latin America.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Managing payroll and inflation<\/h2>\n\n\n\n<p>ADP\u2019s payroll professionals in Argentina have seen their fair share of economic turbulence. This means they\u2019re deeply familiar with navigating economic uncertainty in times when it seems like every playbook has gone up in flames.<\/p>\n\n\n\n<p>One of the most significant ways in which <a href=\"https:\/\/uk.adp.com\/what-we-offer\/payroll\/global-payroll-services.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">ADP supports their clients<\/a> in Argentina is by staying on top of constantly changing legal and regulatory compliance rules. \u201cRegulatory changes around payroll and wages happen a lot in Argentina,\u201d Maggieri says. \u201cIn many cases, the changes are applied retroactively.\u201d A common inflation-combating policy includes giving employees income tax benefits that apply to previous pay periods.<\/p>\n\n\n\n<p>\u201cLet\u2019s say the government passes a regulation now, and tells you that you need to recalculate all of your employees\u2019 wages going back to January, and then transfer that tax benefit over to the employees,\u201d he explains. This strategy is meant to give employees a tax break on already received income, and payroll departments need to be prepared to make these calculations accurately in order to stay compliant. In the next month, this regulation could change again.<\/p>\n\n\n\n<p>Navigating regulatory changes and guiding clients through processes like multi-currency salaries, competitive benefits packages, and up-to-date economic insights and compliance knowledge can help businesses in the right sector continue to benefit from Argentina\u2019s potential.<\/p>\n\n\n<div class=\"block--author\">      <div class=\"block-author__inner\">\n        <div class=\"author--image\">\n                      <a href=\"https:\/\/rethinkq.adp.com\/author\/luisa-rollenhagen\/\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/profile_luisa-rollenhagen-298x305.jpeg\" alt=\"\" \/><\/a>\n                  <\/div>\n        <div class=\"author--info\">\n                      <a href=\"https:\/\/rethinkq.adp.com\/author\/luisa-rollenhagen\/\" class=\"author--name\">Luisa Rollenhagen<\/a>\n\n          \n          <p>Luisa Rollenhagen is an Argentinian-German freelance journalist based in Berlin. She\u2019s worked for publications including Deutsche Welle, GQ, The Guardian, and BuzzFeed.<\/p>\n          <div class=\"block--author-social\"><ul class=\"author--socials\"><li><a href=\"https:\/\/www.luisarollenhagen.com\/\" title=\"Author Website\" target=\"_blank\"><i class=\"fas fa-globe\"><\/i><\/a><\/li><\/ul><\/div>\n        <\/div>\n      <\/div>\n       <\/div>\n\n<div class=\"block--recommended-content alignwide is-style-bg-adp-tan\"><div class=\"block-recommended-content__inner\">\n\n<h2 class=\"wp-block-heading\">Read more<\/h2>\n\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/green-talent-transition\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/engineers-or-operators-are-checking-the-solar-panel-2C20MAM-1084x576.jpg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">The green talent transition<\/span>\n          <p>The energy transition will also be a labor transition requiring the right mix of policies to retrain and reskill thousands of workers. <\/p>        <\/div>\n      <\/a><\/div> <\/div>\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/digitizing-payroll-cashless-society\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2021\/09\/Bank-of-America-1969-1084x576.jpeg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">How digitizing payroll set the scene for a cashless society<\/span>\n          <p>When companies started embracing direct bank deposits for employees\u2019 wages 50 years ago, it laid the foundation for today&#8217;s digital cash. <\/p>        <\/div>\n      <\/a><\/div> <\/div>\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/security-gig-economy-workers\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/01\/iStock-1298274341-1084x576.jpg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">Creating security for gig economy workers<\/span>\n          <p>More countries are introducing measures to improve wage and social security for gig workers.<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n<\/div><\/div>\n\n\n<section class=\"wp-block-group alignfull section--sign-up has-background\" style=\"background-color:#7967ae\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"has-text-align-center is-style-default has-white-color has-text-color has-large-font-size\"><a href=\"\/sign-up\/\">Sign up<\/a> to keep up to date with ReThink Q.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>When a country\u2019s economy is in crisis, how can payroll keep up? Argentina offers a case study in how crucial payroll is during periods of high inflation.<\/p>\n","protected":false},"author":7,"featured_media":3491,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[116],"tags":[502,503,44,495,63,504],"coauthors":[30],"class_list":["post-3490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-features","tag-argentina","tag-hyperinflation","tag-payroll","tag-resilience","tag-south-america","tag-zimbabwe","issue-issue-12-resilience"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Payroll during hyperinflation - ADP ReThink Q<\/title>\n<meta name=\"description\" content=\"When a country\u2019s economy is in crisis, how can payroll keep up? Argentina offers a case study in how crucial payroll is during periods of high inflation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payroll during hyperinflation - ADP ReThink Q\" \/>\n<meta property=\"og:description\" content=\"When a country\u2019s economy is in crisis, how can payroll keep up? Argentina offers a case study in how crucial payroll is during periods of high inflation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/\" \/>\n<meta property=\"og:site_name\" content=\"ADP ReThink Q\" \/>\n<meta property=\"article:publisher\" content=\"Luisa Rollenhagen\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-01T14:48:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-03T09:03:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1282\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Luisa Rollenhagen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Luisa Rollenhagen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/\",\"url\":\"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/\",\"name\":\"Payroll during hyperinflation - ADP ReThink Q\",\"isPartOf\":{\"@id\":\"https:\/\/rethinkq.adp.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J.jpg\",\"datePublished\":\"2024-07-01T14:48:15+00:00\",\"dateModified\":\"2024-09-03T09:03:13+00:00\",\"author\":{\"@id\":\"https:\/\/rethinkq.adp.com\/#\/schema\/person\/1dd4bc7e1fd1368a07b5cd02c315dc52\"},\"description\":\"When a country\u2019s economy is in crisis, how can payroll keep up? Argentina offers a case study in how crucial payroll is during periods of high inflation.\",\"breadcrumb\":{\"@id\":\"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/#primaryimage\",\"url\":\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J.jpg\",\"contentUrl\":\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J.jpg\",\"width\":1920,\"height\":1282,\"caption\":\"500 Argentine pesos are currently worth about 56 cents.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/rethinkq.adp.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Payroll during hyperinflation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/rethinkq.adp.com\/#website\",\"url\":\"https:\/\/rethinkq.adp.com\/\",\"name\":\"ADP ReThink Q\",\"description\":\"Telling the human stories of payroll\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/rethinkq.adp.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/rethinkq.adp.com\/#\/schema\/person\/1dd4bc7e1fd1368a07b5cd02c315dc52\",\"name\":\"Luisa Rollenhagen\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/rethinkq.adp.com\/#\/schema\/person\/image\/12bf9d781858edd06eee145d408e5d1d\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/93b2bc8068f62e5d7a0023cffd09004775ba84ca3b26ec2fdc53fc753981a63e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/93b2bc8068f62e5d7a0023cffd09004775ba84ca3b26ec2fdc53fc753981a63e?s=96&d=mm&r=g\",\"caption\":\"Luisa Rollenhagen\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Payroll during hyperinflation - ADP ReThink Q","description":"When a country\u2019s economy is in crisis, how can payroll keep up? Argentina offers a case study in how crucial payroll is during periods of high inflation.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/","og_locale":"en_US","og_type":"article","og_title":"Payroll during hyperinflation - ADP ReThink Q","og_description":"When a country\u2019s economy is in crisis, how can payroll keep up? Argentina offers a case study in how crucial payroll is during periods of high inflation.","og_url":"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/","og_site_name":"ADP ReThink Q","article_publisher":"Luisa Rollenhagen","article_published_time":"2024-07-01T14:48:15+00:00","article_modified_time":"2024-09-03T09:03:13+00:00","og_image":[{"width":1920,"height":1282,"url":"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J.jpg","type":"image\/jpeg"}],"author":"Luisa Rollenhagen","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Luisa Rollenhagen","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/","url":"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/","name":"Payroll during hyperinflation - ADP ReThink Q","isPartOf":{"@id":"https:\/\/rethinkq.adp.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/#primaryimage"},"image":{"@id":"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/#primaryimage"},"thumbnailUrl":"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J.jpg","datePublished":"2024-07-01T14:48:15+00:00","dateModified":"2024-09-03T09:03:13+00:00","author":{"@id":"https:\/\/rethinkq.adp.com\/#\/schema\/person\/1dd4bc7e1fd1368a07b5cd02c315dc52"},"description":"When a country\u2019s economy is in crisis, how can payroll keep up? Argentina offers a case study in how crucial payroll is during periods of high inflation.","breadcrumb":{"@id":"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/#primaryimage","url":"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J.jpg","contentUrl":"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/05\/argentinanew-five-hundred-note-2DC4C8J.jpg","width":1920,"height":1282,"caption":"500 Argentine pesos are currently worth about 56 cents."},{"@type":"BreadcrumbList","@id":"https:\/\/rethinkq.adp.com\/payroll-during-hyperinflation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/rethinkq.adp.com\/"},{"@type":"ListItem","position":2,"name":"Payroll during hyperinflation"}]},{"@type":"WebSite","@id":"https:\/\/rethinkq.adp.com\/#website","url":"https:\/\/rethinkq.adp.com\/","name":"ADP ReThink Q","description":"Telling the human stories of payroll","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/rethinkq.adp.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/rethinkq.adp.com\/#\/schema\/person\/1dd4bc7e1fd1368a07b5cd02c315dc52","name":"Luisa Rollenhagen","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/rethinkq.adp.com\/#\/schema\/person\/image\/12bf9d781858edd06eee145d408e5d1d","url":"https:\/\/secure.gravatar.com\/avatar\/93b2bc8068f62e5d7a0023cffd09004775ba84ca3b26ec2fdc53fc753981a63e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/93b2bc8068f62e5d7a0023cffd09004775ba84ca3b26ec2fdc53fc753981a63e?s=96&d=mm&r=g","caption":"Luisa Rollenhagen"}}]}},"_links":{"self":[{"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/posts\/3490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/comments?post=3490"}],"version-history":[{"count":0,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/posts\/3490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/media\/3491"}],"wp:attachment":[{"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/media?parent=3490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/categories?post=3490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/tags?post=3490"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/coauthors?post=3490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}